Foxconn to pay over $6B for a majority stake in Sharp

Sharp has approved an offer from Hon Hai Precision Industry and related companies to acquire over 66 percent of the company’s voting stock, making the Taiwanese contract manufacturer the new parent of the venerable Japanese firm.
The deal, which will bring to ailing Sharp funds for investment in newer technologies like OLED, will be done through the issue of new shares to Hon Hai and partner companies for 489 billion yen (US$4.4 billion). Hon Hai will also acquire shares held by lenders t